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Jumping at the BeachYou hear about life insurance all the time. There are radio, TV and online ads constantly telling you how much you need it. But these ads don’t tell you about coverage options, like the differences between term and permanent life insurance. The best way to find out which type of coverage is right for you is to speak with your independent insurance agent, but we’ll explain the basics right here.

Term life insurance is the most cost-effective type of coverage, but it eventually expires. When purchasing a policy, you select a period of time during which your coverage will be in force, often lasting anywhere from one to 30 years. You will also have to select the amount of coverage you want. If you pass away during your term, benefits will be paid out to your dependents. No benefits are dispensed if you’re still alive when the policy ends; but you will have the opportunity to renew your coverage. 

Permanent life insurance is a more expensive option because it provides more comprehensive coverage for the entire duration of your life. With many of these policies, a portion of your premium is invested, which results in your policy accruing cash value. If your insurance provider offers living benefits, you can withdraw from your cash value to fund major life events — such as buying a new home or sending a child to college. And your coverage cannot be cancelled as long as you continue making payments.

Which type of life insurance is right for you? That’s what we’re here to help you decide.

Need assistance? Call Tabitha E. Walker Insurance Agency at (540) 657-5633 for more information on Fredericksburg life insurance.
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